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Monday, November 23, 2009

12:00 PSTMoneySpy hourly just crossed below the Buy/Sell line on the ES. The SPX has not crossed yet

A warning to the Bulls from the Ichimoku with price below theTenkan-sen. This chart remains bullish with Kumo support at 1096 for the ES and 1103 for the SPX.

The pitchfork has not confirmed a Bear trend.

11:00 PST

This chart is a little difficult to read because of all the extended pitchfork lines. The yellow lines are the main forks I showed on Friday. Price broke out above, and so I added -50% and -100% lines above the downward fork. I did the same for the upward pitchfork. These added lines are gray. The light blue line is the trend line from March.

Price has placed the Ichimoku into a bullish scenario. Support from the Kumo is now at 1103.50, The Tenkan-sen and the Kijun-sen lay at 1099.

I don't know how to count this with EW right now, but the surge over night and into this morning appears to be the strength of a third wave. My best guess is we top at 1120. How this counts out over the long term is yet unknown to me.

Confirmation did not come from the fork and MoneySpy is back above the zero line. The daily chart had dipped ever so slightly below, and currently remains in Sell mode. I'll be sure to let you know how it ends today.

Something I find interesting is how the value of FAZ has held up. I often watch FAZ to get a near term barometer of the market's direction.

Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.